Most entrepreneurs expect a recovery in 2021
Most entrepreneurs expect a recovery in 2021
  Economy  |  Greece  |  Analysis

Most entrepreneurs expect a recovery in 2021

Most entrepreneurs-members of EO Greece foresee significant margins of recovery within 2021 and 2022, despite the effects of the pandemic that have affected their activities.
RE+D magazine

A survey was conducted by EO Greece, the Greek chapter of the global entrepreneurship network.


That is the conclusion emerging from the answers recorded in the context of the research conducted by EO Greece, the Greek chapter of the global entrepreneurship network EO, with the participation of its member entrepreneurs.

In particular, more than half of the participants (52.7%) stated that their companies have experienced a decline in their operations due to the effects of COVID-19. In this environment, however, there are those who found and took advantage of opportunities, with the result that 23% answer that their company grew in 2020.

Despite the challenges posed by the health crisis, the leaders of the companies that recorded losses, remain optimistic that they will be able to recover relatively soon. As a result, the majority (73.4%) of the members of EO Greece expect this development by the end of 2021. In addition, 18.4% of the participants expect that the recovery of their activities will take place in 2022.

As for the factors that will "unlock" the recovery, the EO member entrepreneurs focused on three key areas. Investments in promoting innovation and introducing new products / services are the answer given by 60% of respondents. In addition, 49.1% see the adjustment of their strategic and business plan as a way out. Respectively, strengthening their company with the right executives is the key point for 49.1% of the participants.

Overall, the responses of the entrepreneurs who participated in the survey show a disposition for extroversion and dynamism, rather than for folding and conservative moves, such as reducing jobs or reducing the operating costs of companies.

The annual survey of EO Greece was attended by entrepreneurs-members of the entrepreneurship network, who represent companies operating in the Greek and international market, in a wide range of sectors, such as: Technology, Retail, Food and Beverage, Medical Services, Marketing and Communication , Constructions etc.

It is noted that EO Greece is the Greek chapter of the Entrepreneurs Organization (EO), a leading global business organization. EO Greece was founded in 2014 and to date has developed a very active peer-to-peer entrepreneurship network, consisting of 73 member entrepreneurs, with an average age of 43 years. The companies of the EO members have a total turnover of over 700 million dollars on an annual basis and directly employ almost 9,500 employees, in full-time jobs.